TikTok was named Wednesday as the fastest growing brand (+215%), worth $58.9 billion, leading the global media consumption revolution.
The distinction is made by Brand Finance, a brand evaluation consulting firm that each year tests five thousand of the world's biggest brands.
According to the consultancy, alongside this social network, Snapchat and South Korean internet provider Kakao close the podium of the fastest evolving brands, with growth of 184% and 161%, respectively, and values of $6.6 billion and $4.7 billion.
In the media sector, the Brand Finance Global 500 2022 also highlights streaming platforms, with Disney (market value up 11% to $57 billion), Netflix (+18% and worth $29.4 billion), YouTube (+38% and worth $23.9 billion) and Spotify (+13% and worth $23.9 billion) all seeing improved market performance.
"Media consumption increased during the pandemic, but the way media is consumed has irrevocably changed. In order to compete in this constantly evolving market, companies have invested heavily in their brands - from content acquisition to consumer experience. TikTok's exponential growth is factual proof: it has gone from relative obscurity to international recognition in just a few years and shows no signs of slowing down," comments David Haigh, chairman & CEO of Brand Finance, in the report, quoted by Executive Digest.
Nevertheless, despite the high numbers all these companies achieved, Apple still stands out as the world's most valuable brand - up 35%, with a value of $355.1 billion, the highest ever since the report has been produced. The tech company broke yet another record by being the first ever to reach the billion-dollar mark in market value.
Also in the ranking of most valuable brands, Amazon comes in second place, very close to Apple, and Google in third. The company founded by Jeff Bezos also reached beyond the 300 billion dollars threshold in brand value, with an increase of 38%. Google, despite a similar increase of $38%, came in at $263.4 billion. This technological giant bases much of its profit on advertising which, due to the pandemic, was affected by the uncertainty of its reach.